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NFTC Welcomes U.S.-EU Privacy Shield Agreement

[ February 11, 2016   //   ]

The US and EU reached an agreement on a Privacy Shield Agreement on February 2, a move that is seen as a big win since it offers a new framework to ensure transatlantic data flows.
“In today’s global economy, cross-border data flows are critical to doing business,” said National Foreign Trade Council (NFTC) President Bill Reinsch. “To support already robust U.S.-EU trade and investment relations, companies need the ability to transfer data across the Atlantic, while also ensuring privacy.
“Commerce in the 21st century is supported by numerous data-driven services and applications that are critical to consumers, entrepreneurs and businesses of all sizes – underscoring the need for data to flow.
NFTC urges European officials to recognize this agreement and continue to affirm and develop other pathways to permit the free flow of data.
In October 2015, following the EU ruling on the Safe Harbor Agreement, the NFTC called for quick and responsible follow up to permit consumers and businesses on both sides of the Atlantic to continue to engage in commerce in a manner that benefits consumers and businesses of all sizes while at the same time ensuring proper data safeguards.

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